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Martello Technologies (TSXV:MTLO) closes non-brokered private placement

The Market Herald | 30 March 2022 08:45 (EDT)

  • Martello Technologies Group (MTLO has closed the third and final tranche of a non-brokered private placement for gross proceeds of $2,487,000
  • Under the third tranche, the company issued 500,000 common shares at a price of $0.10 per share for aggregate gross proceeds of $50,000
  • The net proceeds will be used to pursue sales activities and product features and enhancements
  • Martello Technologies is a technology company that provides digital experience monitoring (DEM) solutions
  • Martello Technologies Group Inc. (MTLO) opened trading at C$0.055 per share

Martello Technologies Group (MTLO has closed the third and final tranche of a non-brokered private placement for gross proceeds of $2,487,000.

Under the third tranche, the company issued 500,000 common shares at a price of $0.10 per share for aggregate gross proceeds of $50,000.

The offering has been subscribed entirely by Martello insiders.

The shares issued are subject to a four-month hold period expiring July 24, 2022.

The net proceeds will be used to pursue sales activities and product features and enhancements, as well as for general working capital purposes.

Martello Technologies is a technology company that provides digital experience monitoring (DEM) solutions. The company’s products provide monitoring and analytics on the performance and user experience of critical cloud business applications while giving IT teams and service providers control and visibility of their entire IT infrastructure.

Martello Technologies Group Inc. (MTLO) opened trading at C$0.055 per share.

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